How Eligibility for Student Financial Aid is Calculated

Estimated Cost of Attendance

Financial aid is provided to students to pay for educational costs. While actual costs will vary from student to student, Owens Community College uses average cost figures when determining a studentís eligibility for financial aid. This average is calculated according to dependent or independent status. The instructional and general fee component is based on full-time enrollment for Fall and Spring semesters. If the student is assessed non-resident fees, this cost will be considered. Other expenses related to attending college such as housing, meals, books and supplies, transportation and an allowance for personal and miscellaneous expenses are included in determining a cost of attendance figure.

The chart below lists examples of a student's expense budget for Fall and Spring semesters for full-time. These budget figures are averages, and the studentís actual cost may be different. Students who are less than full-time will have their budgets updated after the freeze date has been reached.

The studentís cost of attendance is not the amount owed to Owens.

2014-2015

Independent

Dependent living with parents

Dependent living off-campus

Tuition and Fees

$3,938

$3,938

$3,938

Books and Supplies

$1,400

$1,400

$1,400

Transportation

$1,350

$1,350

$1,350

Personal/Miscellaneous

$1,080

$1,080

$1,080

Room and Board

$4,440

$1,320

$4,440

Total

$12,208

$9,088

$12,208

2015-2016

Independent

Dependent living with parents

Dependent living off-campus

Tuition and Fees

$4,164

$4,164

$4,164

Books and Supplies

$1,400

$1,400

$1,400

Transportation

$1,350

$1,350

$1,350

Personal/Miscellaneous

$1,050

$1,050

$1,050

Room and Board

$4,530

$1,350

$4,530

Total

$12,494

$9,314

$12,494

In addition to these costs, students may incur lab, course materials, and/or registration fees where applicable.

To obtain an estimate of the overall expenses and potential grant and scholarship aid for attendance at Owens, please go to the Net Price Calculator.

Expected Family Contribution (EFC)
The studentís EFC is based on the data that has been provided on his/her Free Application for Federal Student Aid (FAFSA). It is calculated using a federally mandated formula, which considers taxable and non-taxable income, assets and family members in college. If the student is considered a dependent student, parental data is also included when determining the EFC value.

Outside Aid
Federal regulations require students to disclose, and the Office of Financial Aid to include, outside awards in a studentís financial aid package. As a result, the Office of Financial Aid may reduce the financial aid initially offered to the student at Owens. When possible, loans and Federal Work Study eligibility are adjusted before grants or scholarships. Federal Pell Grant funds are not reduced if the student receives a scholarship or other education-based award.

Financial Need
A studentís financial need is the amount that remains after his/her EFC and other student resources are subtracted from the estimated cost of attendance.

If the resulting calculation is a positive figure, then the student is considered to have financial need. The Office of Financial Aid attempts to meet a studentís financial need by providing access to federal and state funds.

If the studentís combined EFC and other resources are higher than the estimated cost of attendance, the student will not eligible for need-based aid, but may qualify for low-interest educational loans. On-campus employment is another source of funds to assist a student in paying for his/her school expenses.

Change in Financial Circumstances
The Office of Financial Aid recognizes that a sudden change in family income or an unavoidable expense can have a direct impact on the studentís ability to continue his/her education. The Office of Financial Aid can consider those changes and re-evaluate the studentís eligibility for financial aid. In order for the studentís application to be reviewed for special circumstances, the student will be asked to complete a Special Conditions application and provide the required documentation. Students who have not completed the verification process will also be required to submit verification documentation. Additional assistance will be based on availability of funds.

Packaging Your Financial Aid
Since the student will be the primary beneficiary of his/her college education, the studentís package will contain self-help types of aid -- loans and/or Federal Work Study eligibility. The student also may receive gift types of aid (grants or scholarships) if he/she demonstrates sufficient need and funds are available. Gift aid does not have to be repaid as long as the student completes all classes for the semester. The Federal Supplemental Educational Opportunity Grant, Owens Community College Grant and Federal Work Study are offered to eligible students on a first-applied, first-considered basis until funds are exhausted.